Myers buys Damberg for European hold
AKRON, OHIO — Myers Industries Inc. has expanded its European markets for housewares and hardware products by acquiring A/S E. Damberg Group of Nykkbing, Denmark.
Myers has sold little of its plastic products, such as storage containers, into Europe and expects to enhance Damberg's product line there, according to Gregory Stodnick, Myers' vice president of finance. He thinks Damberg also has opportunities to introduce its injection molded Raaco-brand storage systems and toolboxes into North America.
Damberg had sales of about $20 million last year. Myers reported sales of $244.1 million for the nine months ended Sept. 30. Myers' nine-month profit slipped 3 percent, to $14.1 million, partly because of higher resin prices and a decline in its plastics and rubber manufacturing operations. Last spring the Akron-based firm bought rubber molder Molded Solutions Inc.
Stephen Myers, Myers' president and chief executive officer, said in a news release that Damberg has ``an excellent reputation both for small parts organizers and innovative product design.''
The private firm, established in 1956, was owned by the Damberg family, Stodnick said. One family member, Peter Thomas Damberg, will remain with the firm as general manager.
Myers completed the deal Jan. 2 for undisclosed terms.
Radius grows Uponor Group markets
ESPOO, FINLAND — Plastic piping giant Uponor Group of Espoo is increasing its presence in both the United Kingdom and the optical fiber conduit market with the Jan. 7 purchase of Radius Plastics Ltd. of Banbridge, Northern Ireland.
Radius produces a slick, silicone-modified polyethylene that can be coextruded with high density PE conduit pipe to provide a low-friction path for optical cable wires.
Radius' annual sales are about £7 million ($11.36 million), according to an Uponor news release. Radius employs 68 at its new plant in Banbridge. Terms were undisclosed
Uponor's 34 plants in 14 countries specialize in plastic piping systems for hot water, potable water, sewer and gas distribution. The group, which employs nearly 3,400, reported 1996 sales of 3.761 billion Finnish markkaa ($819.6 million).
Canon to acquire IMM publisher Abby
CHATHAM, N.J. — Canon Communications LLC of Santa Monica, Calif., has agreed in principal to acquire Abby Communications, the Chatham-based publisher of Injection Molding Magazine and Injection Moulding International, and operate it as a going concern under existing management.
``This acquisition will provide Abby with additional financial strength and resources,'' said T. Peter Sullivan, Abby's publisher and chief executive officer, who issued a Jan. 12 statement co-signed by Peter M. Zacher, vice president of sales, and Suzy Witzler, editor and vice president.
Sullivan said the 27-employee Abby ``will continue to operate under its own name as a subsidiary of Canon Communications. There are no plans to change the management or structure of Abby Communications or the locations of its operations.''
The parties hope to close the deal by the end of January, Witzler said from Abby's editorial offices in Denver. Terms were not disclosed.
Canon employs 160 and publishes 10 magazines for high-technology manufacturing with a focus on the medical, pharmaceutical and electronics industries. The 20-year-old firm also produces several related trade shows and conferences in the United States and Europe, including the Medical Design & Manufacturing shows held each year in Anaheim, Calif., and New York.
Styletek to mold footwear in Mexico
LOWELL, MASS. — Styletek Inc. of Lowell has set up a footwear molding joint venture in Le¢n, Mexico.
Styletek bought 12 40-ton injection presses from NineWest Group last year and moved them from Crothersville, Ind., to Le¢n. By November the presses were installed in a plant run by Pablo Hernandez Cervantes SA to make footwear components for markets in the United States, Mexico, and Latin America.
Styletek will share molding technology with the Mexican firm through a manufacturing and licensing agreement.
Styletek President Dave Kincman said low labor costs in Mexico will help his firm remain competitive with offshore firms.
Kincman said footwear makes up about a quarter of his firm's sales. Other markets include golf products and insert-molded screws for computer cables. Styletek runs 40 presses at Lowell.